From the overview of Competent Authority Agreements we understand that the Competent Authority Agreements that Singapore has concluded with the following jurisdictions for the Common Reporting Standard will enter into force on January 31, 2017:
· The Netherlands;
· South Africa; and
· The United Kingdom.
With the above, the respective jurisdictions will be regarded as "Reportable Jurisdictions". Singaporean Financial Institutions will have to transmit to IRAS the financial account information of accounts held by persons that are tax residents of the above Reportable Jurisdictions, with the first submission due by May 31, 2018.
Vice versa the same applies to Financial Institutions from these countries with respect to financial account information of accounts held by persons that are tax residents of Singapore.
Other jurisdictions with which Singapore has concluded similar Competent Authority Agreements but of which the date of entering into force is not known yet include a.o. Australia, Canada, Italy, Latvia, New Zealand and the Republic of Korea.
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